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NCS, Apapa Records N870.39 billion revenue – :::… The Tide News Online :::…

Non-payment of tax deductions by the National Assembly, comprising the Senate and House of Representatives, as well as federal ministries, departments and agencies, resulted in a loss of tax revenue amounting to N5.8 billion per year. the Federal Inland Revenue Service (FIRS) in 2019.
Disclosing this in its 2019 annual report on issues of non-compliance, internal control and weakness in MDAs of the Federal Government of Nigeria, the Office of the Auditor General of the Federation said this was for the year ending on December 31, 2019.
The MDAs, according to the report, are the Federal Ministry of Agriculture and Rural Development; Federal College of Freshwater Fisheries Technology, New Bussa; Council of Advertising Practitioners of Nigeria; Nigerian Civil Aviation Authority; Nigerian Communications Satellite Limited; Hussaini Adamu Federal Polytechnic, Jigawa State; Federal Medical Center, Keffi, Nasarawa State; Department of Petroleum Resources; National Assembly Services Commission; and the Nigerian Corrections Service.
He said that between 2018 and 2019, MDAs failed to remit 1% stamp duty, value added tax, withholding or Pay As You Earn tax deducted from awarded contracts, contravening as well as the sections of the financial regulations and the Treasury circular published in December. 29, 2015.
The report further states that paragraph 234 (I) of the Financial Regulations states that “it is mandatory for accountants to ensure full compliance with the dual role of provisioning value added tax and withholding tax due on supply and service contracts and the delivery thereof”.
Specifically, he cited paragraph 235, saying, “The VAT, WHT, and PAYE deduction will be remitted to the Federal Inland Revenue Service at the same time the payee subject to the deduction is paid.”
He continued that Treasury Circular Ref No. TRY/A12&B12/2015 and OAGF/CAD/VOL.II/390, dated December 29, 2015, states that “1% stamp duty payable on contract awards and payment must be made to the tax authorities (Federal Inland Revenue Service).
The report also said, “The audit observed that the sum of N5,828,621,715.06 was the amount of unpaid taxes from 12 ministries, departments and agencies.
“The Nigerian Civil Aviation Authority (NCAA) has the highest amount of N2,984,887,250.00, while the Federal College of Freshwater Fisheries Technology, New Bussa has the least of N1,021,011.13”.